Series B wasn't created for equity, it was created for control and why Tom owns all of it. C was created for further financing and Tom owns some of that too but most went to Wisebuy's shareholders.
No one would would be here including the Wisebuys and Hacketts managment if there was any intention of converting the B shares.
Hacketts will get cash and notes with an option pool for the mangement. Options are nice becasue when they are exercised, they company gets the value of the strick price. This cash adds to the balance sheet. The net effect on common shareholders is less dilutive.
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